Investment Overview

Marcus & Millichap has been chosen to exclusively market the sale of the Studio 6 Sparks Tahoe Reno Industrial Center, a three-story hotel located within the Tahoe Reno Industrial Center, the largest industrial center in the world. Recently built in 2018, the property consists of 91 interior corridor guest rooms, guest laundry facilities, an elevator, and eight vehicle parking slots of Tesla Destination Chargers. The hotel includes a triple room King Suite that was originally designed as a Manager's Unit, currently rented as a super suite. Utilizing this room as a Manager’s Unit would reduce the room count to 90. Attached to the hotel is Vino's Pizza, the first full-service bar, restaurant and gaming experience to be connected to a Studio 6 extended stay hotel. Vino's Pizza has recently commenced a 5-year lease, with (1) 5-year renewal available. The property is well-maintained and was intentionally built and appointed to a higher standard than the Studio 6 brand requires. This Studio 6 benefits from its location within the Tahoe Reno Industrial Center, known as the logistics hub of the West, with more than 120 tenants. Comprising approximately 107,000 acres/160 square miles, the complex is home to major tenants including Tesla, Google, Switch, Blockchains and Walmart. The property is located within the Reno MSA, which benefits from lower business costs, strong employment growth, and many popular tourist attractions. Nearby attractions include the Reno Events Center, Greater Nevada Field (home to MiLB's Aces | 500k visitors/year), as well as several casinos, parks, and museums. Within 20 miles of the hotel are the Reno-Tahoe International Airport (RNO) (4.5M+ passengers in 2023), University of Nevada Reno (21k+ Enrollment), Northern Nevada Medical Center, Saint Mary's Regional Medical Center, the Renown Regional Medical Center and the Reno VA Medical Center. The Studio 6 Sparks Tahoe Reno Industrial Center represents an opportunity to acquire a franchised hotel in a stable market supported by multiple strong demand drivers. Our Pro Forma analysis assumes continued modest growth supported by the increasing population and demand growth in the Reno region.